Private equity firms Cinven Ltd, KKR & Co LP and Warburg Pincus LLC are evaluating bids for the clinical research group, PRA International. The firm is currently for sale and can get as much value as US$1.3 billion according to sources familiar with the matter.
The said private equity firms are preparing for submission of their bids for the North Carolina-based PRA. The bids are said to be submitted later in June according to sources who asked to be left unnamed as the auction is not publicly set.
Sources added that the private equity firm Genstar Capital LLC, who acquired PRA in 2007 for US$797 million, put the company up for auction after it had failed to sell the firm two years earlier.
Genstar also considers having PRA set for initial public offer (IPO) once interested private equity firms fail to meet price expectations, still according to same sources. PRA International is priced as much as US$1.3 billion basing on its yearly earnings prior tax, depreciation and interest as well as amortization of US$130 million.
Cinven declined to comment on the said deal. Spokesmen for both KKR and Warburg also refused to give comments on the matter.
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